Unlocking Operation Efficiency and Cost Savings: A Case Study on How SOURCEit BPO Empowered a Benefits Administration Leader

Company Overview

For decades, a leading general agency and benefits administration company based in Chicago has been driving positive outcomes for businesses and individuals alike.

With their unwavering commitment to delivering cost-effective compliance-based products, they have become a trusted partner for insurance producers, employers, and carriers, helping them grow their businesses and extend quality coverage to families nationwide. Their comprehensive suite of services enables businesses to navigate the complex landscape of benefits administration with ease.

However, as their reputation continued to soar, they faced a new challenge - efficiently managing their growing client base. This obstacle prompted their search for a strategic partner, and that's where SOURCEit BPO entered the picture.

Their Business Challenge

The company encountered a pressing challenge as their operations expanded—a surge in the volume of new business that exceeded the capacity of their current team. Unable to effectively handle the influx, they found themselves grappling with compromised timelines, leading to significant delays in processing and managing their cases.

In addition, the cost of hiring locally emerged as a secondary challenge, posing a financial burden that had the potential to impact their bottom line. Recognizing the need to address both capacity constraints and cost efficiency, the company sought an urgent solution to alleviate the mounting pressure and ensure seamless handling of their growing client base.

Our Team’s Solution

Discovery

To address the pressing challenge at hand, this prominent benefits administration company, turned to SOURCEit BPO. Recognizing the need for management-level support due to the sensitivity of information, we promptly scheduled a meeting to know more about their requirements and pain points. This initial engagement encompassed an introduction to our services, in-depth discussions to understand their unique needs, and a focused exploration of the key statement of work aimed at resolving their New Business cases.

During the discussion, they emphasized the criticality of effectively managing their increasing volume of New Business cases.

Proposal Creation and Approval

Given the time-sensitive nature of the situation, we promptly crafted a comprehensive proposal that addressed the company’s specific requirements. This proposal underwent a thorough review and garnered their approval, solidifying the partnership between the company and SOURCEit BPO.

That was just the beginning of our commitment to collaboration and setting the foundation for a successful working relationship moving forward.

Talent Acquisition

Utilizing our extensive experience and broad network, we strategically identified and recruited top talents who possessed the precise skills required for the role. Throughout the process, we placed a strong emphasis on skills matching to ensure a seamless fit within the company’s operations. By carefully selecting individuals who aligned with the company's requirements, we ensured a cohesive and high-performing team.

From Training to Going Live

In close collaboration with the company, we coordinated the training sessions, ensuring they aligned with the agreed schedules and their skill requirements. Our agile and thoughtful approach to training involved the creation of comprehensive materials, designed to facilitate efficient knowledge transfer and equip the team with the necessary skills and knowledge to confidently handle their roles.

With a focus on efficient and effective execution, the expanded offshore team seamlessly transitioned from training to going live, marking a significant milestone for the company. This timely implementation granted them immediate access to a streamlined and optimized New Business case management process, empowered by the unwavering expertise and support of SOURCEit BPO.

The Results

Since partnering with SOURCEit BPO, the company has seen significant improvements in their operations and overall customer satisfaction. Our implementation of Performance Reviews has provided them with regular updates on their business, while the introduction of Key Performance Indicators (KPIs) has showcased the outstanding performance of the SOURCEit team. They expressed their satisfaction with the results and confirmed the positive impact of the cooperation.

Our team has consistently maintained 100% productivity month after month and demonstrated their unwavering commitment to delivering exceptional service. In addition, the team showed a remarkable average confidence rate of 98% for attendance and accuracy. Even when faced with projects not covered during the initial training, the team demonstrated adaptive capabilities and minimal learning curves, effectively meeting the company's evolving needs.

In addition to driving operational improvements, our partnership has delivered remarkable cost savings. By working with our offshore team, the company has achieved approximately $100,000 in cost savings compared to local hiring practices. This substantial financial benefit highlights the strategic advantage of outsourcing with SOURCEit BPO, empowering the company to optimize resources while maintaining quality and efficiency.

The trust and confidence developed between this leading general agency and benefits administration company and our team are evident in the company’s proactive approach to renewing the contract well in advance, a testament to the value and credibility that SOURCEit BPO brings.